Also in the news...
Paul Beare Wins IR Global Member Of The Year
Paul Beare has been named Member of the Year at this years IR Global Conference in Amsterdam.
The Biggest Problem With Running A UK Payroll
We explore the biggest problem with running a UK payroll, together with the required functions of payroll calculations and net salary.
Taking It For Granted: How The UK Government Helps Growing Firms
In the UK, a number of government agencies offer a range of grants to help smaller firms to grow and prosper. The grants are typically designed to support innovation, encourage job creation, and underpin growth. In the last few years, a number of new initiatives have emerged, including grants aimed at boosting green technology and digital transformation.
Start-ups Wasting Over 2 Weeks And £37 Billion A Year On Admin
UK start-ups and microbusinesses are wasting over two working weeks every year on admin tasks, including managing mobile phone contracts, choosing energy providers, and buying insurance according to new research.
The Costs For International Businesses Employing In The UK
In an ever-globalising business landscape, expanding operations to the United Kingdom can be a strategic move for international companies seeking new opportunities.
What is it sanctions against Russia?
To be exact, sanctions against Russia do not exist. There are sanctions of the EU and the USA (and also some other countries, for example Switzerland or Norway) against certain Russian and Ukrainian persons (individuals and legal entities). In total in the lists there are 77 individuals and 20 legal entities (as of 27.05.2014).
At that the lists of the EU and the USA differ from each other. There are persons that are in both lists, and there are those that are marked only in one of them. At the moment there are no sanctions which would be applied against the whole country or the whole economic branch although this subject is still being discussed.
With sanctions, the EU and the USA try to exclude both individuals and enterprises from the economic activity of the EU and the USA. Therefore, for example, the property of the sanctioned persons should be frozen. The individuals are also deprived of the entrance on the territory of the EU and the USA.
Sanctions forbid any economic interaction with the listed persons, and also with the companies in which their ownership makes 50% or more. It means it is forbidden to obtain goods from the listed persons or to sell goods to them. Obtaining or rendering of services is also forbidden. It is illegal to manage property of sanctioned persons in any form, as well as to pay dividends to them.
And there is even more to consider. Along with the companies which belong to the specified individuals to 50% or more, the action of sanctions extends on the companies which although do not belong to them legally, but controlled by them, sometimes via straw men.
The legislation is complicated and based on sanctions which were introduced in the 90s and even earlier against other individuals or countries for example, Iran, Cuba or North Korea. Thanks to the column "Questions and Answers" (Q&As) of RUSSIA CONSULTING you will always receive the required information. You can also order the check service of your Russian partners, clients and suppliers in RUSSIA CONSULTING and to get the information, whether the action of sanctions extends on them.
Article supplied by Russia Consulting